1. 1 Charlie Kingdollar SEPTEMBER 2015 Follow Charlie on: ckingdollar.com Charlie Kingdollar

2. Proprietary and Confidential | © General Reinsurance Corporation S&P ‐ Do you have a formal committee to manage your emerging risks? ‐ Top 5 emerging risks? ‐ Have you quantified losses for each of those emerging risks? ‐ Examples of emerging risks you have successfully addressed? ‐ To sources for tracking emerging risks? A.M. Best ‐ Part of ERM strategy ‐ How is insurer: Tracking emerging issues? Managing emerging issues? Who has responsibility? Fitch ‐ Reserves for “other latent issues” are deficient by up to $5B ‐ While its estimate “is unscientific, it's based on the belief that the industry does not fare well in its ability to predict new major latent loss exposures —making it likely that prior underwriting years will develop unfavorably.” Emerging Issues Rating Agency Interest Emerging Issues | Charlie Kingdollar 2

3. Proprietary and Confidential | © General Reinsurance Corporation S&P’s assessment of ERM examines whether insurers execute risk management practices in a systematic, consistent and strategic manner across the enterprise that effectively limits future losses within the insurers’ optimal risk/reward framework. All else being equal, in insurer with a stronger ERM score is less likely to experience losses outside its predetermined risk tolerances under our criteria. Managing the Changing Landscape S&P’s ERM Framework Emerging Issues | Charlie Kingdollar 3 Source: Standard & Poor’s Ratings Services Strategic Risk Management Risk Management Culture Risk Controls Emerging Risks Management Risk and Economic Capital Models

4. Proprietary and Confidential | © General Reinsurance Corporation Emerging Issues Emerging Issues | Charlie Kingdollar 4 Cyber Attacks Nanotechnology Concussions 3D Printing Self-Driving Vehicles and Assisted Driving Innovations Internet Communications– Personal Injury Claims Hydraulic Fracturing Drone Use Food-borne Illness BPA Food Flavorings and Coloring Litigation Internet of Things GMO’s The Share Economy Hazardous Imported Products Building Innovations C8 / PFOA Endocrine Disrupters Counterfeit/Imported Medicines Legal Highs Epigenetics Judicial Reformation of Policy Defenses Climate Change

5. For PPT show Cyber Attacks Nanotechnology 3D Printing Green Construction Internet Communications– Personal Injury Claims Residential Oil and Gas Boom Judicial Reformation of Policy Defenses GMO’s Food-borne Illness BPA Food Flavorings and Coloring Litigation The Share Economy Hazardous Imported Products C8 / PFOA Secondhand Smoke Endocrine Disrupters Counterfeit / Imported Medicines First Party Coverage for Asbestos Remediation Legal Highs Toxins in Personal Care Products Climate Change

6. Follow Charlie on: ckingdollar.com Charlie Kingdollar